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TORONTO — Avison Young has released its Canada Hotel Market Report: 2023 Review and 2024 Outlook. The report reveals robust recovery and remarkable resilience across major Canadian markets, surpassing pre-pandemic levels in Average Daily Rate (ADR), Revenue Per Available (RevPAR) and occupancy.

Highlights from the report include:

  • Surge in leisure travel and small local group demand
  • Upscale, upper upscale and luxury hotel segments saw notable resurgence in occupancy with double-digit year-over-year (YOY) growth
  • Montreal, for the second consecutive year, saw the highest YOY growth in occupancy, with a rate of 70 per cent
  • Vancouver saw the highest YOY increase in ADR (13.8 per cent)
  • Montreal, Toronto and Vancouver tied with the highest YOY increase in RevPAR (23 per cent)
  • Major Canadian markets posted $780 million in hotel transactions, up 38 per cent from 2022 and up 17 per cent from pre-pandemic levels, positioning the sector for further growth and opportunity
  • While growth is anticipated in 2024, the market may move toward more normalized conditions. Transaction volumes are expected to increase

To access the full report, click here.


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